John Everest | Everest Mortgages

What Is a Joint Borrower Sole Proprietor Mortgage?

NewsNovember 12, 2025517Views 0Likes 0Comments

For many first-time buyers, affordability is the biggest hurdle. Even with a healthy deposit, lender income assessments can block access to the right property. A joint borrower sole proprietor mortgage (JBSP) can be a solution. It allows another person (often a parent) to boost the application without being on the property deeds. What is a…

What Is a Joint Mortgage?

NewsNovember 10, 2025468Views 0Likes 0Comments

A joint mortgage allows couples, friends, or family to combine incomes and co‑own property. Everyone on the mortgage is liable for repayments. How it works Lenders assess all applicants’ incomes, credit, and commitments. Ownership can be set as joint tenants (equal shares) or tenants in common (flexible shares). Legal agreements (declarations of trust) can protect…

What Is a Guarantor Mortgage?

NewsNovember 5, 2025489Views 0Likes 0Comments

For buyers who fall short on deposit or affordability, a guarantor mortgage can bridge the gap—without the guarantor owning the property. How it works A parent/relative guarantees repayments, often securing the loan against their home equity or a savings pledge. If the borrower defaults, the lender can claim against the security. The guarantor may be…

What Is a Variable Rate Mortgage?

NewsNovember 3, 2025471Views 0Likes 0Comments

Variable rates trade certainty for flexibility. Your lender’s SVR can move, affecting your payments; discount deals sit at a margin below SVR for a period. How it works SVR is set by the lender and can change at their discretion (often influenced by the base rate). Discount mortgages track SVR minus a discount (e.g., SVR…

What Is a Tracker Mortgage?

NewsOctober 29, 2025510Views 0Likes 0Comments

Tracker mortgages are variable products that move directly with the base rate—your payments can rise or fall during the deal term. How it works Your rate = base rate + a fixed margin (e.g., +0.75%). If base changes, your payment changes accordingly. Terms often last 2–5 years before reverting to SVR. Advantages Lower costs when…

What Is an Interest Only Mortgage?

NewsOctober 27, 2025538Views 0Likes 0Comments

Interest only keeps monthly payments low, but the capital must be repaid at term end via investments, savings, or sale—so a robust strategy is essential. How it works Monthly payments cover interest only; balance remains. At maturity, repay the capital in full using an approved repayment vehicle or disposal plan. Who qualifies Borrowers with strong…

What Is an Offset Mortgage?

NewsOctober 22, 2025542Views 0Likes 0Comments

Offset mortgages pair a savings account with your mortgage: your savings don’t earn interest; instead, they reduce the mortgage balance used to calculate interest. Example Mortgage £200k, savings £20k. Interest charged on £180k—cutting cost and potentially term, while you keep access to savings. Key features Flexible access to savings, reduced interest, potential term reduction, and…

What Is a Fixed Rate Mortgage?

NewsOctober 20, 2025525Views 0Likes 0Comments

Fixed rates offer certainty for 2/3/5/10 years+, protecting you from rises and simplifying budgeting. How it works You agree a rate for a fixed period; payments stay the same. At expiry you revert to SVR unless you remortgage. Many borrowers switch again before SVR. Example £200k over 25 years at 4% fixed ≈ £1,056/m. Even…

What Is a Second Charge Mortgage?

NewsOctober 15, 2025448Views 0Likes 0Comments

A second charge (secured) loan sits alongside your first mortgage, using your property as security to raise funds while keeping an attractive main rate intact. How it works You continue paying your first mortgage and take a separate loan secured on available equity. On sale, the first charge is settled before the second. Why use…

What Is a Shared Ownership Mortgage?

NewsOctober 13, 2025509Views 0Likes 0Comments

Shared ownership lets you buy 25–75% of a property and pay rent on the remainder to a housing association, with the option to staircase later to 100%. Who qualifies? First‑time buyers or former owners who can’t afford outright purchase, household income ≤ £80k (£90k London), and intention to live in the home. Local/priority rules may…

What Is a Buy to Let Mortgage?

NewsOctober 8, 2025721Views 0Likes 0Comments

BTL mortgages finance rental property. Lenders assess affordability using expected rent rather than your personal income. Key features Rental coverage: rent must typically cover 125–145% of mortgage interest (stress‑tested). Higher deposits: 20–40% is common. Interest‑only is popular among landlords. Fees/rates usually higher than residential. Who can get one? Often requires homeownership, clean…

What Is a Remortgage?

NewsOctober 6, 2025692Views 0Likes 0Comments

A remortgage replaces your current mortgage with a new one—either with your existing lender or a new one. Most people remortgage when a fixed deal ends to avoid the higher SVR. Reasons to remortgage Save money: avoid expensive reversion rates. Release equity for improvements, debt consolidation, or gifting. Reduce term to clear the…